Italy joins the growing number of countries that have warned Binance for operating without proper licenses.
Cryptocurrency exchange Binance has been informed by the Commissione Nazionale per le Società e la Borsa (Consob) that they are not authorized to operate in Italy. The regulatory group announced that the Binance group is not authorized
to provide investment services or conduct business in Italy. This includes Binance.com, the main website of the global exchange.
Consob went a step further and informed the public about the issues surrounding Binance’s status in Italy along with a suggestion that people should think twice before associating themselves with unauthorized services like Binance.
Translated from Italian, Consob’s warning
reads as follows: Investors are asked to use their utmost diligence to make their investment choices in full awareness, checking in advance that the websites through which they invest can be attributed to legitimate entities.
Binance gets from all sides
Italy has become the latest of many countries to issue a public warning to Binance regarding regulatory action. It seems that the world’s largest cryptocurrency exchange
simply cannot exist in peace.
As for Binance’s problems in Italy, that’s not the only obstacle facing the exchange. Last week, Binance was hit with a lawsuit by a group of Italian investors represented by Lexia Avvocati. The lawsuit claimed that legal action must be taken to recover damages from trading on Binance and that the exchange broke its own rules regarding futures trading.
Unfortunately, these are not just posts. A growing number of nations have serious problems with the exchange. Regulators around the world have issued warnings against Binance, including Poland, the United Kingdom, Canada
, Germany, Thailand, Japan, and the United States.
These warnings have caused many of Binance’s partners to start leaving the exchange as a result of all this drama. Both Barclays and Santander began blocking all transactions to Binance. In the meantime, Binance also lost its solution partner
payment solutions in the UK, Clean Junction. The loss of its newest ally has caused Binance to suspend all sterling withdrawals for UK customers until further notice.
Meanwhile, Binance continues to maintain that they are complying with all regulations set forth by regulators and will continue to work with these nations to maintain compliance.
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